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HP fiscal Q1 net earnings jump with $1.1B after-tax adjustment

HP Inc. reported a significant increase in its fiscal first-quarter net earnings with an after-tax adjustment of $1.1 billion, or 68 cents per share.

The company posted net earnings of $1.94 billion, or $1.16 per share, a jump from $611 million, or 36 cents per share in the prior-year period.

HP's non-GAAP net earnings were $803 million, or 48 cents per share, an increase from $646 million, or 38 cents per share in the year-ago quarter.

Net revenue for the fiscal first quarter of 2018 came in at $14.52 billion, up from last year's $12.68 billion. The company's total costs and expenses also increased to $13.54 billion compared to $11.83 billion in the year-ago period.

HP expects GAAP net EPS of 42 to 46 cents for the second quarter. The expected non-GAAP net EPS for the second quarter is between 45 and 49 cents.

For full fiscal year 2018, HP expects a GAAP net EPS between $2.53 and $2.63 and non-GAAP net EPS between $1.90 and $2.00.

The company also declared a cash dividend of 28 cents per share for the quarter, a slight increase from 27 cents per share in the fiscal first quarter of 2017.